10 things you need to know today

Children on an illuminated horse-drawn carriage on the promenade in Blackpool in northern England.
Reuters/Phil Noble
Here is what you need to know.

China's inflation picked up. Consumer prices rose at a 1.9% year-over-year clip in August even though pork prices, a staple of the Chinese diet, slowed to up 5.8% YoY. Producer prices grew at a 0.1% YoY rate, making for their first annualized growth since January 2012.

Singapore's economy contracted sharply. Gross domestic product contracted 4.1% in seasonally adjusted annual terms, making for its sharpest contraction since 2012. Economists had expected Singapore's economy to expand at a rate of 0.3%. The Singapore dollar is weaker by 0.5% at 1.3875 per US dollar.

Verizon says Yahoo's hack could have "material" impact. "If they believe that it's not, then they'll need to show us that," Verizon general counsel Craig Silliman said in a statement to reporters on Monday. Verizon agreed to buy Yahoo's core assets for $4.8 billion in July, but the deal has yet to close.

HP is planning job cuts. In a Securities and Exchange Commission filing, the company said it was planning to implement a restructuring plan through fiscal-year 2019 that will include the elimination of 3,000 to 4,000 employees.

Bank earnings are coming. JPMorgan beat on both the top and bottom lines, earning $1.58 per share on adjusted revenue of $24.67 billion. Wells Fargo and Citigroup are expected to release their quarterly results at 8 a.m. ET.

Stock markets around the world are up. Hong Kong's Hang Seng (+0.9%) led in Asia and France's CAC (+1.8%) paces the gains in Europe. S&P 500 futures are up 7.75 points at 2,134.00.

US economic data flows. Retail sales will be released at 8:30 a.m. ET, and University of Michigan consumer confidence is due out at 10 a.m. ET before the Baker Hughes rig count is announced at 1 p.m. ET. Fed Chair Janet Yellen will take the mic in Boston at 1:30 p.m. ET. The US 10-year yield is higher by 3 basis points at 1.77%.